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One thing that is true about debt is that it is easy to accrue but very difficult to get rid of. It often snowballs and gets out of control and you are faced to figure out what to do. Most people will visit a financial professional to come up with a plan of how to tackle the issue at hand. Some people come up with a goal to demolish their debt on their own. Below are some tips and examples of how you can tackle your debt.

Snowball

One method of paying off debt is the snowball method. It is a debt reduction strategy that focuses on paying off the small balances first while paying minimal payment on the larger debts. The idea is that as soon as the first debt is paid off use the freed-up payment amount to pay down the next debt even faster. Continue the process (building like a snowball) until all debts are paid off. There are calculators to help you determine the method to use based about all of your debt products and debt amounts. It is simply a calculation that can be performed at home.

Avalanche

Debt avalanche method is the opposite of the snowball method. It focuses on the debts with the highest interest rates first. It will allow you to repay debts in the shortest time and will save you the most money on interest. It wants you to pay off the accounts with high interest because they do not want you to waste your money on interest when it could be going towards your debt repayments.

Refinancing

Besides just chugging along and paying off debt, it is also a good option to refinance your debt. Things such as mortgages, student loans, business loans or credit cards can all be refinanced. Refinancing means to have your debt product reassessed a new rate. This will help you in the long run because it could save you money that is to be paid on interest. You can shop around to find the best rate at different institutions. You could also save money by refinancing and redoing your life insurance

If debt is making you lose sleep, the only other option is to make more money to put towards your debt repayment. Obviously this is easier said than done because if extra cash was accessible than you wouldn’t have the debt. But you can try to get additional cash to pay off debt by additional supplemental income, a change of profession, or an investment. Things such stocks, mutual funds, real estate, life insurance, etc. are all good examples of sources of additional funds.

By using the avalanche or snowball debt repayment strategies, refinancing, or earning some extra cash, hopefully these helpful hints will help you tackle your debt.

Our planet is dying at a rate faster than once predicted. Given this sobering fact, it is now more imperative than ever for people all over the globe to change their behaviour and adopt more environmentally friendly practices. There are a number of alternatives that can be used in an effort to help the environment.

Reusable Napkins

One of the worst single use items to the environment are paper napkins. Unable to be recycled especially when they have been soiled with waste, napkins can cause a lot of unwanted trash. However, there is an easy solution to this. Opt for reusable organic cotton napkins. They can be used over and over again with proper care and washing. This eliminates the amount of waste in landfills.

Online Scratch Cards

Scratch cards were first introduced in the 70’s and since then have become popular as a form of gambling. These traditional paper cards need a coin or a key to scratch off the foil to reveal whether or not the card is a winner. Like many other items that have traditionally been made of paper, these have also been revamped to be more environmentally friendly. Scratch cards can now be purchased at online casinos in an electronic format. To reveal the hidden symbols, a mouse is used.

Baby Food Pouches

Purchasing baby food in convenient single serving containers has always been practical for busy moms. Today, given the amount of waste this practice produces, moms are questioning the logic of this considering its effects on the planet. As an alternative to traditional containers, reusable baby food pouches are becoming popular. They are easy to use and are safe for use in both the freezer and dishwasher.

Now is the time for consumers to be even more conscious of the footprint they are leaving. While these are just three ways of reducing this impact, there are even more ways in which consumers can be environmentally friendly.

Buying a home is an expensive undertaking, but one that you’ll most likely take on willingly. A home represents stability, the opportunity to own an asset that appreciates over time, a place to raise a family, and where memories are made. But most people buy homes when they’re married as two incomes make it easier to afford a mortgage than just one. That means if one spouse passes before their time, the remaining spouse is left with the burden of paying the mortgage. It’s a heavy blow to the finances of the family and can lead to the unwanted result of the family losing the home.

Insurance can take care of the mortgage in the event of an untimely death. Mortgage life insurance and term life insurance are two types of policies that cover the remaining balance when one of the owners passes away. But mortgage insurance isn’t always as beneficial as it seems on the surface. It only covers the mortgage balance, and the benefit goes directly to the mortgage company. Whereas term life insurance comes with the flexibility to pick an appropriate benefit amount that covers the mortgage balance, covers lost income, can provide funds for college education for children, and helps the remaining spouse stay afloat.

Take the quiz to find out how much you know, or don’t know, about the differences between term life and mortgage life insurance. You might be surprised at the differences between the two types of coverage, and why one is better than the other.

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The articles posted on this site are the opinion of the author and do not represent professional advice (financial or otherwise). Please consult a professional (financial or otherwise) before using any information offered on Earth and Money. See the Disclaimer/Privacy page for further information.